Macquarie tightens mortgage rules as buyers agents spruik 'unlimited loans' on TikTok
The financial services giant is taking new steps to manage its exposure as a tide of social media advice instructs Australians how to get around lenders’ risk controls.
Financial services behemoth Macquarie is tightening up restrictions on mortgages amid concerns over buyers agents using social media to encourage Australian property investors to maximise their borrowing capacity and take on “unlimited loans”.
The home loan disrupter told thousands of Australian mortgage brokers on Friday last week that it will no longer approve home loans to a trust or company account as it looks to manage its risk exposure.
In an email sighted by Capital Brief the bank identified the rise of “strategies on social media aimed at maximising lending through trusts and companies” and was pausing “all new lending” to these account types.
It comes amid a proliferation of videos online advising Australians on how to set up company and trust accounts to try to shield their property portfolios from banks and maximise their leverage.
